Zach Goldfarb has a story today that points out how rare broad-based tax increases are. I posted earlier about the history of individual income tax changes at the federal level – here is a similar chart that I made that includes payroll tax changes.
As I mentioned in the article, we haven’t really seen broad-based individual tax increases in a while, most changes have been cuts rather than increases, and (by comparing this chart with the prior one, you can see that) many of the broad-based increases are from the payroll tax, which has increased from 2% in 1937 to effectively ~15% as of tomorrow and should be reformed.
